Only around 231 k volumes shot through to 84 cents on market, and after hours, and around 33 498 shares traded at 84 cents after hours. I think those guys are pissed off with the embarrassment of the registries counted so they been trying to retaliate on the market.
Huh, their mistakes in counting and they are trying to defend their jobs of miscounting? I think they are at the suicide mode right now (RG's). It makes no sense to me that I counted each fund share holding is only around 2.5 mil shares top (except for 3 registries) counted above it. On repetitive trading days like this, whoever the fund or seller is, would soon be depleted unless they keep buying and selling to RG, which is illegal.
If every one holds back, whoever dumping it out won't swing the percentage that much. I only suspect the reason, they are doing so is to scare people off. At the lowest is 84 cents, there is no lower until end of February (2 weeks after the closing date of the bid).
So, if he can't get to 90%, he will have to pull something out and could benefit the remainder holders plus market pick up overtime. That's the only reason I suspect he tried to rush for it. There are 160 millions waiting to be picked up by him from the sale of crate pool division, that money could be used to pay the debt to improve the company's financial balance.
Holders. you won't lose any more than 84 cents/share, so just wait and sp will go up. The take over bid got to ensure fairness for the minority holders too. So, if he can't get there (90%) even by mid-February, it will benefits that he walks away and come back later to buy remainder shares at higher price to complete his acquisition. Don't forget that you have 2 more weeks after the closing date to sell out and by that time Pact would have to update its half yearly report (with the $160 million cheque) ready to pay down the debt, which is good for the company and holders.
They only tried to rush you out because RG doesn't want to pay higher (and that's about it). I doubt if sp will go down as you think about it, he pay over 100 mil to purchase shares, would the bloke wants to see his investment down the hole as well? No! Also he wanted to collect that 160 million cheque to reimburse himself. But, for sure, it won't benefits minority holders.
If he can't get there, I see we will get a bit more money than this. I will hold till the end here.
PGH Price at posting:
84.0¢ Sentiment: Hold Disclosure: Held
